Rand weakens after Zuma's veiled threats

JOHANNESBURG - Embattled President, Jacob Zuma was on Tuesday given an ultimatum to resign as head of state or otherwise face a motion of no-confidence in Parliament tomorrow.

ANC Chief Whip Jackson Mthembu and ANC treasurer-general, Paul Mashatile on Wednesday afternoon, announced the decision of the ANC caucus; to announce a motion of no-confidence in the President, scheduled to take place on Thursday.

The rand, following the ANC caucus decision to pass a motion of no-confidence against Zuma, bid at R11.85 to the dollar before the press briefing and raised to R11.78 to the dollar after assurance was given that a new President would likely be elected by Friday.

In an interview with with the SABC on Wednesday afternoon, following the ANC's announcement, the President did not resign; amid speculation that he would yield to the recall of the ANC NEC.

"I am not defying [the ANC] I am disagreeing," Zuma said.

The rand regressed in its earlier gains, falling from its high at R11.78 and back to R11.85

The President suggested that violence, infighting and clashes were, and would likely continue, should he be pushed out as head of state, for what he said was for, "no urgent reason" [to push him out]

Zuma warned that the ANC would come to regret its decision to oust him.